GDP growth in G20 area eases in Q2 2024

The GDP of the G20 area increased by 0.7% quarter-on-quarter in April-June, a slight decrease from the 0.8% growth recorded in January-March, according to data released on Thursday.

China, India, and the US were the primary contributors to the G20's economic growth in the second quarter. However, Brazil and Saudi Arabia experienced the highest growth rates, both at 1.4%, according to the Organization for Economic Cooperation and Development (OECD) data, News.Az reports.

China's economy grew by 1.5% in the three months ending in June, down from 0.7% in the previous period. India's GDP growth slowed to 1.3% from 1.7% in January-March.

Japan showed a notable recovery, with its economy shifting from a 0.6% contraction in the first quarter to a 0.7% growth in the second quarter. The US saw a modest increase in GDP, rising from 0.4% to 0.7% during the same period.

Conversely, South Korea and Germany experienced quarterly contractions of 0.2% and 0.1%, respectively.

Year-on-year, the G20 area's GDP grew by 3.1% in the second quarter, slightly down from 3.2% in the previous quarter. Among G20 economies, India achieved the highest annual growth rate at 6.8% in April-June, followed by Indonesia at 5.0%. Japan experienced the largest annual decline, at 0.9%, in the same period.

News.Az